All Forum Posts by: Bobby Spurlock

Kevin,

Dustin and Chris both bring up very good points. You need to determine what area you will target and what you want to get out of the property in the long run. I just started investing last year and can tell you from experience that it is going to be a lot tougher for you to find the types of deals you are looking for than it is for a seasoned investor. Someone who has been doing this for a while is going to have a network of people and methods they use to find out about these types of properties before anyone else does. If you see it on Zillow it is already going to be too late. I would concentrate on building your network of real estate agents and other investors. Also you'll need to get creative on how you find these types of properties. The book "Finding and Funding Deals" which you can buy on this website is a great way to learn about how to find investment properties. Don't expect to find something right away, but as with everything, if you are willing to put in the work you will get the results you are looking for.

Thanks for the input guys! I actually met the appraiser at the 4plex this morning and he did say he will take the rental income into consideration. I gave him a copy of our signed lease agreements. Fingers crossed!

Has anyone recently refinanced a duplex or 4plex in Tulsa? I am in the process of refinancing one of each and just wanted to hear what others have experienced as far as how the appraiser went about determining the value. There aren't many of these types of properties in Tulsa and it seems like most people hold on to them once they have them. The few that have sold were in such disrepair when they were purchased that they don't provide any useful data to determine the value of a completely remodeled property. I have also heard that for a unit this size the appraiser will not use rental income to determine the value. I'd love to hear what others have experienced going through this process.

Thanks everyone for the responses. Sorry for the late response, I haven't been on here for a while. Basit, thank you for the advise! I was not aware of some of the cons that you brought up. We will definitely consider them moving forward. We are still looking for a CPA. Any recommendations would be greatly appreciated. We'd prefer someone local to Tulsa. Colte, I just sent you a PM.

Hey Mitch! I am actually looking for both. Mainly for tax filing but I also want someone to advise us on how to best run our business to maximize our tax benefits going forward. We currently have 2 companies, one that buys the properties, and another which acts as the property manager. We are also using the BRRR method and refinancing some of the properties under our personal names.